Financial Accounting

preparation of reports on a business' financial data for outside agencies

Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.
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collection of basic (raw) data, as in managment accounting, but treated in a prescribed and statute enforced format which emphasises the historic, custodial and stewardship aspects of the business.